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FORM 4
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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / Check box if no
longer subject to Filed pursuant to Section 16(a) of the Securities
Section 16. Form 4 Exchange Act of 1934, Section 17(a) of the
or Form 5 obligations Public Utility Holding Company Act of 1935
may continue. See or Section 30(f) of the Investment Company
Instruction 1(b). Act of 1940
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<S> <C> <C> <C> <C> <C> <C>
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1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to
Templeton James M. Fresh Foods, Inc. (NASDAQ: FOOD) Issuer (Check all applicable)
- --------------------------------------------- ---------------------------------------------- Director X 10% Owner
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- ---
P.O. Box 399 Number of Reporting Month/Year X Officer (give Other (Specify
- --------------------------------------------- Person (Voluntary) ---- title --- below)
(Street) ------------------ below)
Claremont NC 28610 5. If Amendment, Vice President
- --------------------------------------------- Date of Original -------------------------------------
(City) (State) (Zip) (Month/Year)
August 1998 7. Individual or Joint/Group Filing
------------------ (Check applicable line)
X Form filed by one
---- Reporting Person
Form filed by more than
---- one Reporting Person
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TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Transac- 4. Securities Acquired (A) 5. Amount of Se- 6. Owner- 7. Nature
(Instr. 3) action tion or Disposed of (D) curities Benefi- ship of In-
Date Code (Instr. 3, 4 and 5) cially Owned at Form: direct
(Instr. 8) End of Month Direct Benefi-
(Month/ (Instr. 3 and 4) (D) or cial
Day/ --------------------------------------- Indirect Owner-
Year) Code V Amount (A) or Price (I) ship
(D) (Instr. 4) (Instr.
4)
Common Stock 8/7/98 P 55(1) A $14
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8/13/98 P 440(2) A $13.625
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8/17/98 P 385(3) A $13.625
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134,996(4) I by HERTH
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Management, Inc.
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Common Stock 7,802(5) D
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*If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Response) (8/96)
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FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount 8. Price
Security sion or action action Derivative cisable and of Underlying of
(Instr. 3) Exercise Date Code Securities Expiration Securities Deriv-
Price of (Month/ (Instr. Acquired (A) Date (Instr. 3 and 4) ative
Deriv- Day/ 8) or Disposed (Month/Day/ Secur-
ative Year) of (D) Year) ity
Security (Instr. 3, (Instr. 5)
4, and 5) -----------------------------------
Date Expira- Amount or
---------------------------- Exer- tion Title Number of
Code V (A) (D) cisable Date Shares
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Option (right to buy)--
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1987 Special Stock
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Option Plan $3.20 12/11/91 12/11/01 Common Stock 50,000
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Option (right to buy)--
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1997 Special Stock
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Option Plan $10.50(6) 2/23/98 2/23/08 Common Stock 15,000
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Option (right to buy)--
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1997 Incentive Stock
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Option Plan $10.50(7) (8) 2/23/08 Common Stock 25,000
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<S> <C> <C> <C>
1. Title of Derivative 9. Number of 10. Ownership 11. Nature of
Security Derivative Form of Indirect
(Instr. 3) Securities Derivative Beneficial
Beneficially Security: Ownership
Owned at End Direct (D) (Instr. 4)
of Month or Indirect (I)
(Instr. 4) (Instr. 4)
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Option (right to buy)--
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1987 Special Stock
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Option Plan 50,000 D
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Option (right to buy)--
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1997 Special Stock
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Option Plan 15,000 D
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Option (right to buy)--
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1997 Incentive Stock
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Option Plan 25,000 D
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Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. /s/ James M. Templeton 9/14/98
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------- -------
**Signature of Reporting Person Date
Note. File three copies of this form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure.
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(1) The Reporting Person is an 11% owner of HERTH Management, Inc.
("HERTH"), which purchased 500 shares of Common Stock. Pursuant to Rule
l6a-1 of the Securities Exchange Act of 1934 (the "Act"), this filing
shall not be deemed an admission that the Reporting Person is the
beneficial owner of any equity securities covered by this statement.
(2) The Reporting Person is an 11% owner of HERTH, which purchased 4,000
shares of Common Stock. Pursuant to Rule l6a-1 of the Act, this filing
shall not be deemed an admission that the Reporting Person is the
beneficial owner of any equity securities covered by this statement.
(3) The Reporting Person is an 11% owner of HERTH, which purchased 3,500
shares of Common Stock. Pursuant to Rule l6a-1 of the Act, this filing
shall not be deemed an admission that the Reporting Person is the
beneficial owner of any equity securities covered by this statement.
(4) The Reporting Person is an 11% owner of HERTH, which owns 1,227,235
shares of Common Stock. Pursuant to Rule l6a-1 of the Act, this filing
shall not be deemed an admission that the Reporting Person is the
beneficial owner of any equity securities covered by this statement.
(5) Includes 3,565 shares owned through the Employee Stock Purchase Plan of
the Issuer.
(6) The Board of Directors of the Issuer repriced the options granted under
the 1997 Special Stock Option Plan on August 27, 1998. In such
repricing, the option exercise price was lowered from $16.00 to $10.50.
(7) The Board of Directors of the Issuer repriced the options granted under
the 1997 Incentive Stock Option Plan on August 27, 1998. In such
repricing, the option exercise price was lowered from $16.00 to $10.50.
(8) The options were granted on February 23, 1998 and become exercisable at
a rate of 20% per year over five years. The first 20% become
exercisable on February 23, 1999.
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